How Does it Work:
The Secunia Software Inspector relies on carefully crafted “Secunia File Signatures” to recognise applications on your system. The detected applications are then matched against our “Secunia Advisory Intelligence” to determine whether an application is up-to-date or not. The results are then used to advise you on how to update to more secure releases of the insecure applications.

Microsoft Windows Update is used to determine if your system is missing security updates from Microsoft.

The Secunia Software Inspector covers the most common/popular end user applications:
* Internet browsers
* Internet browser plugins
* Instant messaging clients
* Email clients
* Media players
* Operating systems

You can get the online version without having to download anything from here:
http://secunia.com/software_inspector/

Or you could get the beta software version from here for free called PSI:
https://psi.secunia.com/

Highlights of The Secunia PSI:

• The Secunia PSI will be available free of charge
• Calculates your unique Secunia System Score
• Automatically scans your computer
• Enables you to update Insecure/End-of-Life software
• Provides Direct Download Links to security updates & patches
• Detects and advises on more than 4,700 applications
• Direct correlation between thousands of Secunia Advisories and your specific system and software
• Secure SSL encrypted connection to Secunia

Minimum Requirements:
* Windows 2000 SP4, Windows XP SP2, Windows 2003, or Windows Vista
* Sun Java JRE 1.5.0_12 or later
* Internet Explorer 6.x/7.x, Opera 9.x, or Firefox 2.x
* Latest version of Microsoft Windows Update

Overview:

After a 7 minute scan PSI gave me a nice list of insicure software:

And a list of end of life software:

You can get a direct download link by clicking the blue download button on the side. Or and overview by clicking on the green overview button.

Here is the Adobe flash player overview screenshot, it gives a detailed information about the software, the update and its solution:

It’s an interesting tools to have for free. There are other commercial alternatives out there.
Visit there website: http://secunia.com/